The good times are rolling for apartment building owners, due to the millions of homeowners that are being displaced by the foreclosure tsunami. After being burned by declining home values many people are just choosing to rent rather than buy a smaller, cheaper home. Strong rent growth and high occupancy levels are pushing some apartment community values to record levels. Occupancy is now at its highest level since 2006. Third-quarter vacancy was 5.6%, down from 5.9% in the second quarter.
Values of newer apartment buildings in the best locations moved into record territory in the third quarter, according to Green Street Advisors. The US home ownership rate is declining. It is currently at 66% and many people think that it will drop to 60%. Each 1% decline in home ownership is equal to 1 million households moving from ownership to rental. Although apartments are currently in the sweet spot they are not totally immune to the macroeconomic issues facing us. In some parts of the country landlords have slowed their rent increases, and this includes Atlanta.
If you need help with your apartment property tax appeal, please contact us at www.fair–assessments.com or 404-647-2780. We have a small and growing practice and currently we are saving our clients an average of 21% on their property tax assessments. Get your Fair Assessment Now!
